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AUD/USD’s rise from 0.8577 is still in progress and surges to as high as 0.8978 so far in early US session. Intraday bias remains on the upside and further rally could be seen. Nevertheless, strong resistance is expected at 61.8% retracement of 0.9327 to 0.8577 at 0.9041 to limit the…

One really has to wonder quite what the strategy in play by European ministers really amounts to. Last week’s show of force showed little more than political will determined to explain that Greece would not be allowed to drag down the Eurozone. And while we all expected some follow-through at…

The EU finance ministers’ meeting overnight provided no new information and was once again scant on details regarding the so-called Greek bailout plan. Euro witnessed a sharp rally from the NY close around 1.3600 but came shy of the crucial 1.3700 area as the lack of conviction and resolution on…

The Cable tested the Resistance at 1.5734 that we sighted in the morning. Contrary to our belief, the pair has honoured the Resistance and is now trading near the Support at 55-MA on the 4H chart. If it continues to hold, the pair may reattempt a rise towards 1.58 which…

The euro made modest advances vs. the dollar today on speculation that the sovereign debt issues in the eurozone may have caused the single currency to become increasingly oversold. With eurozone fundamentals still supporting a bearish outlook in the medium to long term, the recent rally can also be attributed…

Consolidation to corrective bias continues to be seen as GBP continues to trade in a range between the 1.5763 and the 1.5532 levels. With its primary trend pointing lower, we expect the mentioned range to resolve to the downside and eventually resume its medium term downtrend towards its psycho level…

An early morning sharp upmove could be suggesting a corrective recovery higher after EUR turned ahead of its strong support at its Feb 05?10/2010 lows 1.3584/30 today. Further build up on its current recovery should see the pair target its Feb 12?10 high at 1.3687 where a break will bring…

ZEW expectations declined to 45.1 in February from 47.2 in January. This is the fifth consecutive decline from a recent peak in September 2009. Overall, financial market experts still expect the economy to recover slowly from the crisis within the next six months, although the number of analysts expecting improvement…

* Times listed are GMT

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